MORTGAGE REGISTRATION UNDER JAMAICA FLAG
The Shipping Act, 1998 makes provision for the recording and enforcement of ship mortgages. There is a central register where all mortgages are registered however closings may be facilitated at any time in the major shipping centres of the world through the Jamaica ship registry’s network of deputy registrars. A transcript of the register stating the date and time of recording of the mortgage can be issued by the Registrar on request.
PROCEDURE FOR REGISTERING THE MORTGAGE
The duly executed instrument of mortgage is required to be produced to the Registrar along with the prescribed fee. The particulars of the mortgage and the date and time of registration will thereafter be entered in the register of Jamaican ships. The instrument of mortgage will be endorsed by the Registrar with the date and time of registration and thereafter returned to the mortgagee. A transcript of the register stating the mortgage(s) registered against the ship will be issued on request.
The Shipping Act, 1998 also makes provision for the registration of:
- Ships under construction
- Provisionally registered ships
Where the mortgage prohibits the transfer of the ownership of a ship or its de-registration without the prior written consent of every mortgagee, the Registrar is required to make an entry in the Register to that effect and shall not register any transfer or de-registration in the absence of that consent. The transfer or de-registration of a ship without the consent required will be of no effect except that the Registry may delete the vessel where conditions for deletion are otherwise satisfied.